The new Operation Phobetor will see the Australian Federal Police, NSW Police and the Australian Crime Intelligence Commission work together as part of a multi-agency taskforce.

The name of the task force comes from the Greek god of nightmares, who is described in Ovid's Metamorphoses.

The new taskforce comes in the wake of Operation Ironside, which led to the arrest of more than 300 organised criminals and the seizure of $50 million in assets in an international sting operation alongside the US FBI.

Home Affairs Minister Karen Andrews said Operation Phobetor would seek out organised crimes groups such as bikie gangs and drug cartels.

"We want to make sure that we are creating an enormous dilemma, in fact, a nightmare ... for all of the serious organised criminals," Ms Andrew told ABC TV.

"We want to make sure that Australians are safe, that the Australian Federal Police, the Morrison government, NSW police, have their backs."

Ms Andrews said Australian law enforcement agencies had learnt a lot from Operation Ironside and would put that to use in the new taskforce.

"We've actually increased funding to $1.7 billion for the Australian Federal Police and making sure the AFP are very well equipped," she said.

"We will be using the very best technology to go after the criminals."

While the agencies have collaborated with each other in the past, the creation of the new operation will allow for information to be shared more easily.

AFP commissioner Reece Kershaw said the new taskforce would be a critical step forward for the agency.

"Operation Phobetor, which will access the AFP's unmatched global reach and extraordinary technical capability, underscores just how hard and dangerous it is for syndicates to target Australia," Commissioner Kershaw said.

Australian Associated Press